One issue that is on the horizon for all business owners is the Corporate Transparency Act.
The Corporate Transparency Act goes into effect on 1/1/24 and it requires certain companies (including LLCs) to report information about “beneficial owners” to the US Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN). A “beneficial owner” is someone who owns at least 25% or exercises substantial control over the reporting company.
Any reporting company that was created to do business prior to 1/1/24 will have until 1/1/25 to file its initial report. Any reporting company that was created in 2024 will have 90 calendar days to file. Any reporting company that was created in 2025 or after will have 30 calendar days to file.
Unfortunately, we have determined that we will not be able to provide this reporting to FinCEN as a service to our clients.
We would strongly recommend that all our clients that are subject to this reporting requirement read through the below information and, if needed, consult with their attorney to ensure compliance with this new law.
Here is the website where you would need to get information and file: https://www.fincen.gov/boi
Here is a helpful list of frequently asked questions: https://www.fincen.gov/boi-faqs